Financial institutions: money transmitters; money transmitter license; subject virtual currency kiosk to. Amends sec. 3 of 2006 PA 250 (MCL 487.1003). TIE BAR WITH: HB 5469'26

HB 5470 amends Michigan's Money Transmission Services Act to require virtual currency kiosks to obtain a money transmitter license. The bill explicitly defines "money transmission services" to include owning, operating, advertising, or facilitating virtual currency kiosks - devices that allow users to buy, sell, or exchange virtual currencies like Bitcoin. This change subjects these kiosks to the same licensing, reporting, and regulatory requirements as traditional money transmitters (e.g., check-cashing services). It directly affects businesses operating virtual currency kiosks in Michigan, bringing them under the state's existing financial services oversight framework.